NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.30%.

As we have mentioned, last week that resistance for the index lies in the zone of 24900 to 25000 where long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 25250 to 25350 where the index has formed a gap and short & medium term moving averages are lying. During the week the index manages to hit a high of 25411 and close the week around the levels of 25200.

Support for the index lies in the zone 24900 to 25000 where long term moving averages are lying. Support for the index lies in the zone of 24500 to 24600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 24000 to 24100 where break out levels are lying.

Resistance for the index lies in the zone of 25500 to 25600 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 26000 to 26100 where Fibonacci levels and Gap are lying.

Range for the week is seen from 24500 to 24600 on downside & 25700 to 25800 on upside.